Loan disbursement / finding money for rent deposit

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psswrd

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I got this magical thing that pays any bill you want it to, any time you need. It's called a job.
 
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What about those of us coming straight from undergrad?

I assume you did a summer semester, too, then?

I'm with jack on this one. Security deposit is doable.
 
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You could always use a credit card and then pay it off as soon as you receive your loan refund money.
 
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What about those of us coming straight from undergrad?
You get the illusive "summer job". Or pick up something part time ASAP in case you're worried about not finding a summer job immediately after graduation.

If you don't have parents or someone that can spot you the cash, you'll probably have to actually earn your own way. Or live in your car for a few weeks and shower at the gym till you get your loans, take your pick.
 
Oh I forget there's more than one ignorant people on this forum.

How is it ignorant to be confident that you can get $800 in 3 months?
 
Oh I forget there's more than one ignorant people on this forum.
Encouraging people to take responsibility for themselves and earn the money they need to secure a place to live is ignorance- wow, I never knew. Look everyone, I've found what's wrong with America, and it resides somewhere inside this man's statement.

Also, your grammar hurts. If you're going to call people ignorant, "Oh I forgot there's more than one ignorant person on this forum" would be the way in which to say it.

Now please, do yourself a solid and save some money from your damn job.
 
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How is it ignorant to be confident that you can get $800 in 3 months?
Depending on where you are trying to find an apt, paying for first, last, security and possibly realtor's fee can cost several thousand dollars.
 
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Depending on where you are trying to find an apt, paying for first, last, security and possibly realtor's fee can cost several thousand dollars.
You can earn just over $3,000 working minimum wage in 12 weeks. Plus the guy said he has a job now. Put away some cash now, then work your ass off over the summer to save for your place.

Pretty much the only places where you're paying realtor fees for rentals are crazy high CoL places like NYC and SF. If he's got no money saved and is attending a school in one of these areas, he'd better hit craigslist, because that's about the only way he'll be able to find a decent priced room with so little time to save.
 
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@Mad Jack
Can't get a legitimate answer to a serious question because of people like you who can't possibly think outside of your arrogant little minds. I asked for loan options and you tell me to get a job? You can't possibly think of a reason for why one won't be able to support himself through a minimum wage job because of your privileged situation and narrow-mindedness. I normally don't get into **** like this because it's not worth my time. But dude, this is the second time you have written something so dumb and immature man. I guess I should get used to this. Ought to be a lot of folks like this in medicine, I suppose.
Yeah, I'm so privileged with my "working 12 and 16 hour shifts for a living for the last 10 years of my life, and going to school full tine on top of it for 5 of those years." It was a legit suggestion, made with my usual snark and sarcasm. The other option, which I also agreed with, was a cash advance on a credit card. Or someone you know that trusts you can loan you some money. Or, if you have excellent credit you could take out a personal loan at the bank. We're offering up the legit options that exist.

If I were in your situation I'd pick up the best paying two jobs I could find, and work every damn hour they would let me have. Hell, I'm going to be pulling 60-80 hours from here till May to help ease my transition.
 
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@Mad Jack. Come on, OP isn't stupid. Bottom line ***hole or not though @Mad Jack is right. Best bet would be to ask the medical school where you are matriculating to work as a research assistant over the summer. I know some people who got "hooked up" that way.

A credit card is also another option but chances are it won't be enough.

Schools will advance you cash as well.

Ask.
 
Depending on where you live, if you've been admitted to medical school I would think you could make some money on the side (besides whatever job you have) doing tutoring of HS and college students. If there are private (expensive) HS's in your area, put the word to science teachers there. Post your business card on bulletin boards in college areas. (Affluent) Parents will pay good money for SAT/ACT/MCAT tutoring.
 
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@psswrd, I think your best bet is to contact the financial aid office of the school you plan to matriculate to and ask them directly. This is what you'd end up doing if you hit a financial crisis due to an unexpected emergency during medical school, so hopefully they can help you out beforehand, as well.
 
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@LizzyM It is extremely difficult to save money tutoring few hours here a few hours there.

The whole problem with all these people giving useless advice is they automatically assume they know what's best without even considering other aspects. This is the reason why so many people here ask questions and get crap answers from dickheads. This is why I asked about any loan options, not what kind of job I should get. If you want to help, read the damn question. If you're just being a giant ass, well F you.

What makes you think that I have time to even build a new clientele and start tutoring? What makes you think I should work a two minimum wage jobs? What makes you think I can afford to save money working those jobs? Do you automatically assume I have no other responsibilities? Family to take care of? Debts I need to pay?

I've gotten a lot of help from these forums, but F, a lot of arrogant dicks here who think they know ****. If this is any representation of what future docs are. Damn.

Nevermind. My bad asking a question.

You should contact the financial aid office of the medical school you are about to attend (once you are 100% sure which one it is) to see what suggestions or assistance they can offer. Some schools actually can/will advance you money if you are really in a severe pinch, but I am not sure whether that would apply to an incoming student. I do not have a definite solution for you as I have no had to deal with this, but if you are still in school, perhaps there is a way you can get an additional loan for this academic term. Also, perhaps the financial aid office at your current school or the med school can help you get a small private loan to cover this.
 
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@LizzyM It is extremely difficult to save money tutoring few hours here a few hours there.

The whole problem with all these people giving useless advice is they automatically assume they know what's best without even considering other aspects. This is the reason why so many people here ask questions and get crap answers from dickheads. This is why I asked about any loan options, not what kind of job I should get. If you want to help, read the damn question. If you're just being a giant ass, well F you.

What makes you think that I have time to even build a new clientele and start tutoring? What makes you think I should work a two minimum wage jobs? What makes you think I can afford to save money working those jobs? Do you automatically assume I have no other responsibilities? Family to take care of? Debts I need to pay?

I've gotten a lot of help from these forums, but F, a lot of arrogant dicks here who think they know ****. If this is any representation of what future docs are. Damn.

Nevermind. My bad asking a question.
Here's the deal. You never said you had other circumstances. You just said you wanted to know if there was a loan or something. We suggested the most efficient manner in which you could help yourself, which was work. If there is a reason you cannot work, or if you have bills that require all of your working funds, you should state a bit clearer exactly what your situation is so that we might help you further. If some guy jumps out and says, "I want to take out a high interest loan to pay for my bills until I get my financial aid package!" then we are going to do our best to talk him out of it by getting a job because it's a bad idea- we're not going to tell him how to do it right away unless it's a last resort.

If you want some real help, here's what we'll need: how many hours you are available to work, why you might not be available to work so we can find some way around whatever is taking up your time, whether you have credit cards with available spending limits on them, how good your credit is, whether you have any retirement or other savings at all, how much your initial budget will need to be, what skills you have, and whether there is any chance in hell someone can just spot you the cash. Riddle me that, and we can probably get you some legit advice.
 
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Thanks for the answers.

As for @Mad Jack, dude I don't need advice from immature dicks. Man I'm laughing at myself for getting into an online comment argument with someone like you.

Admin - Please close this thread. Thank you.
Only my first comment was snarky. The rest of my posts were legitimately trying to help, aside from my rebuffing you calling me an idiot. Good luck getting an advance.
 
Do you own your vehicle outright? If so, you could take out a small loan on it and then just pay it back with your student loans.
 
@LizzyM It is extremely difficult to save money tutoring few hours here a few hours there.
What could be so hard? You get paid, you put it in a savings account. My kid, a college sophomore, saved $3K that way in 8 mos.
The whole problem with all these people giving useless advice is they automatically assume they know what's best without even considering other aspects. This is the reason why so many people here ask questions and get crap answers from dickheads. This is why I asked about any loan options, not what kind of job I should get. If you want to help, read the damn question. If you're just being a giant ass, well F you.

What makes you think that I have time to even build a new clientele and start tutoring? What makes you think I should work a two minimum wage jobs? What makes you think I can afford to save money working those jobs? Do you automatically assume I have no other responsibilities? Family to take care of? Debts I need to pay?

I know that I've had a job and paid my way from college onward. I have two kids in college and they have had full-time summer jobs and picked up odd jobs so that they could do things that were outside the family budget. I'm sorry that you believe me to be a giant ass for making this suggestion

I've gotten a lot of help from these forums, but F, a lot of arrogant dicks here who think they know ****. If this is any representation of what future docs are. Damn.

Nevermind. My bad asking a question.

If you are any representation of what future docs are like Lord help us!
 
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What could be so hard? You get paid, you put it in a savings account. My kid, a college sophomore, saved $3K that way in 8 mos.


I know that I've had a job and paid my way from college onward. I have two kids in college and they have had full-time summer jobs and picked up odd jobs so that they could do things that were outside the family budget. I'm sorry that you believe me to be a giant ass for making this suggestion



If you are any representation of what future docs are like Lord help us!

:laugh:
 
My cash advance on my CC is a 25% interest rate :nailbiting:

If there is a large difference in APR between cash advances and normal rates on your card, there is an easy fix. Create two separate PayPal accounts, and PayPal yourself the funds. You can mark it as a service, and your credit card company will treat it as a purchase rather than a cash advance. The only caveat is that PayPal gets its 2.9% flat fee.

The OP could also try for a personal (i.e. installment loan) if he has collateral (e.g. equity in a car). Interest rates can usually be found in the single digits.

Edit: I see Mad Jack beat me to the installment loan idea.
 
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If there is a large difference in APR between cash advances and normal rates on your card, there is an easy fix. Create two separate PayPal accounts, and PayPal yourself the funds. You can mark it as a service, and your credit card company will treat it as a purchase rather than a cash advance. The only caveat is that PayPal gets its 2.9% flat fee.

The OP could also try for a personal (i.e. installment loan) if he has collateral (e.g. equity in a car). Interest rates can usually be found in the single digits.

Edit: I see Mad Jack beat me to the installment loan idea.
I was initially going to do that since I got my CC to pay my car payment (for the points... yeah!), but I don't like giving PayPal almost 3% of the total.
:)
 
You really need to calm down psswrd, it really isn't unreasonable for someone to suggest getting a job if money is an issue...
 
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If getting a job is somehow not an option, you could take out a personal loan or, potentially, use your tax refund.

I think some schools can advance you money for computers and the like, so I'd just contact the financial aid office at the place where you end up and work it out with them.
 
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So I hear schools may not give you loan money until well into the semester depending on their processing speed. First, what the hell. And second, how do people go about paying for first month+last month+security deposit for their apartments if they don't have enough savings? It's not like I can pay this with a credit card. Is there a summer loan I can apply for? Geez.
The best course of action is to ask your school for an advance of your loan. Ask the medical school financial aid office directly because they will be used to this kind of request. At my school you could actually ask every semester and there's no additional interest above and beyond what you were already going to pay. However, in some rental markets you need to put down a deposit and get a place several months ahead of when you move in, which could be much earlier than the earliest your school is able offer you an advance. In that case if you have no other free money (i.e. parents) or earned money (i.e. job/scholarship) options, a personal loan from the bank would be the next best option I can think.
I don't know about you guys but where I live just getting a part-time job at the mall for someone with a college degree is a struggle. Consider the possibility that not everyone has the same financial reality that you do.
 
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So I hear schools may not give you loan money until well into the semester depending on their processing speed. First, what the hell. And second, how do people go about paying for first month+last month+security deposit for their apartments if they don't have enough savings? It's not like I can pay this with a credit card. Is there a summer loan I can apply for? Geez.

Look, OP, I sympathize with your situation as someone whose parents are not helping and who pays about 25% of each paycheck towards educational loans.

The reason everyone is upset is that you clearly didn't think about this reality earlier. If you really are financing a family, you should have some sort of savings. Clearly if you have been accepted at a school, you have had to apply, interview....basically put money into the process. If you are really strapped for cash, you would have had to save up so you should know about putting a little money away each month (even $5).

You knew that you were facing a move for medical school at least two years in advance since you would have had to plan to apply. If you had put away $40 a month for 24 months, you would have almost $1000 to play with when you moved. If you started saving 4 years ago, when you were still taking courses to apply to medical school, you would only have to save $20 a month.

My point is that yes, life is hard, and scrambling to get extra cash in the last six months can be very difficult with certain life circumstances and in some cities where odd jobs are rare. My problem with your posts stem from the fact that you are not taking responsibility for planning ahead. My parents taught me to have a safety buffer at all times. In high school, they required that I save up $500 via babysitting/tutoring and keep it in the bank before I could drive their car (for the co-pay in case of an accident). In college, I kept no less than $1000 in my savings account (took extra shifts at my job during the first year). Now that I work full time, I have moved that number to $2000 (though I have not quite reached that savings goal).

I understand that money is tough to come by and even tougher to save. You are in a rough situation and I'm sorry that you will have to scramble to put the money together. That said, this is a financial hurdle most adults are faced with and most adults find a way to get through it. Think of your current trouble as a rite of passage and a lesson in financial buffers for the future.
 
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Some people want to travel and have a good time rather than working and putting money aside. The opportunity cost of traveling the last summer before med school is high.

(If the shoe fits, OP...)

You know what? People in their 40s, 50s, 60s, 70s, 80s still travel. And with more dough, they do it in style.

You can think we are thickheads for saying it but work now, play later.
 
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Not everyone has their summers free. I will be in school up until the start of medical school finishing my graduate degree. Others perhaps will need to attend summer school to meet final requirements to graduate/matriculate. It's not unreasonable for the OP to ask for advice that doesn't involve simply getting a job. A few users have offered guidance on what to do in that circumstance, so there's not really a need for all the antagonism.
 
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Some people want to travel and have a good time rather than working and putting money aside. The opportunity cost of traveling the last summer before med school is high.

You know what? People in their 40s, 50s, 60s, 70s, 80s still travel. And with more dough, they do it in style.

You can think we are thickheads for saying it but work now, play later.

+ Respect. So classy. :thumbup:
 
Some people want to travel and have a good time rather than working and putting money aside. The opportunity cost of traveling the last summer before med school is high.

(If the shoe fits, OP...)

You know what? People in their 40s, 50s, 60s, 70s, 80s still travel. And with more dough, they do it in style.

You can think we are thickheads for saying it but work now, play later.

Makes so much more sense.

I have all these professors and older students telling me i should travel to south america/europe.. and i'm wondering "with what money?". Spending the past 3.5 years focused on science hasn't exactly filled my coffers
 
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Not everyone has their summers free. I will be in school up until the start of medical school finishing my graduate degree. Others perhaps will need to attend summer school to meet final requirements to graduate/matriculate. It's not unreasonable for the OP to ask for advice that doesn't involve simply getting a job. A few users have offered guidance on what to do in that circumstance, so there's not really a need for all the antagonism.

I think everyone else's point is that had the OP been a reasonable adult and thought the circumstances through the ugly reality of having to pay for somewhere to live potentially out of your own pocket would not have snuck up on him. Frankly, having worked with a graduate student who managed to save for her own wedding in twelve months, I have a hard time believing anyone who can get into medical school cannot figure out how to scrimp together first+last+deposit with more than six months notice. The antagonism comes in the very first line: "First, what the hell." and was fueled by OP's persistent whiney attitude thereafter. If you want a bunch of internet strangers to encourage you to make poor financial decisions where planning and potential employment could save you hurt in the long term, then you deserve every ounce of snark and insolence delivered.
 
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Sorry for changing the topic but I did not want to start another thread....so how does the school/government disburse the loan? I know the tuition will probably be sent to the school directly but the remaining COA that I will need (such as rent, food, etc). Let's say I applied for $20,000 extra on top of the tuition for my living expenses...do they give you the full amount or do they give it you monthly?
 
Sorry for changing the topic but I did not want to start another thread....so how does the school/government disburse the loan? I know the tuition will probably be sent to the school directly but the remaining COA that I will need (such as rent, food, etc). Let's say I applied for $20,000 extra on top of the tuition for my living expenses...do they give you the full amount or do they give it you monthly?

It depends on the school. Most will disburse twice throughout the academic year (1st usually in August/September, 2nd in Jan/Feb)
 
Sorry for changing the topic but I did not want to start another thread....so how does the school/government disburse the loan? I know the tuition will probably be sent to the school directly but the remaining COA that I will need (such as rent, food, etc). Let's say I applied for $20,000 extra on top of the tuition for my living expenses...do they give you the full amount or do they give it you monthly?

You can get the remainder deposited directly into your bank account. At my school, half the loan is disbursed in August, half in December.
 
Legitimate suggestion here: look into your apartments complex's ability to accept a letter from your schools financial aid office. The letter should include how much your loan will be for and expected pay out date. This worked for me during undergrad.
 
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